As firms and their clients continue to navigate ongoing business challenges in 2021, BD and marketing professionals first need to understand how mature their efforts are in specific areas. Then, they can look at what the successful firms are doing differently, so they can position themselves to join those ranks.
Attorneys can utilize accountability partners to fuel the advances one truly wants to make in their efforts to build books of business.
Law firms are increasingly adding new staff members and software to calculate their profitability, helping firms determine partner compensation and make other business decisions.
Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.
A Look Back from the Future
If we look back at 2020 five years from now, what will we point to as the key actions that brought law firms back, and which of those are still in play.
J. Mark Santiago
We are now into the sixth month of the COVID-19 pandemic and law firms across the country are entering the critical last quarter of the year. Historically, law firms collect between 30% and 50% of their annual revenues in the final 90 days of the calendar year. This year will be more challenging than prior years for a number of reasons.
Economists are increasingly gravitating to the concept of a “K-shaped” recovery following the steep plunge of the early days of the coronavirus crisis. With a slight tweak, that “K” may well serve as a useful depiction of law firm profitability in 2020: just add a horizontal third line at the center.
Sharon Meit Abrahams
As a firm leader it is your fiscal responsibility to address underperforming attorneys. With COVID-19, are your underperformers flying under the radar? The cost to a firm is not only to the bottom line, but to your reputation as a leader.
After a 5% increase in gross revenue and 3% growth in revenue per lawyer, the Am Law 100 were in a good place at the start of 2020. Then a global pandemic started. Now what?
Firms Are Applying Communications Lessons from the Great Recession As They Deliver Bad News During the Coronavirus Pandemic.
Many firms have appeared in recent weeks to be signaling compassion, embracing (relative) transparency and sharing sacrifices across lawyers and staff. That can help make even painful cuts less harmful for a firm’s internal morale and outside reputation.